Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Australia
  4. Australian Stock Exchange
  5. Austal Limited
  6. News
  7. Summary
    ASB   AU000000ASB3

AUSTAL LIMITED

(ASB)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Austal : USA awarded US$144 million contract for multiple Towing, Salvage and Rescue (T-ATS) ships for US Navy

10/05/2021 | 10:16pm EST

COMPANY ANNOUNCEMENT

6 OCTOBER 2021

AUSTAL USA AWARDED US$144 MILLION CONTRACT FOR MULTIPLE TOWING, SALVAGE AND RESCUE (T-ATS) SHIPS FOR US NAVY

Austal Limited (ASX:ASB) is pleased to announce Austal USA has been awarded its first steel vessel construction contract by the United States Navy, a US$145 million (~A$198.5 million) build of two Towing, Salvage, and Rescue ships (T-ATS 11 and 12).

The contract modification establishes options for up to three additional T-ATS ships, which, if exercised, will bring the total cumulative value of the contract to US$385 million (~A$528.6 million).

Austal was initially awarded a US$3.6 million contract by the United States Navy for the functional design of the Navajo-class T-ATS vessels. Overnight awarded the US$145 million (~ A$198.5 million) fixed-price incentive (firm target) contract modification, to include the detailed design and construction of two T-ATS 11 and 12, as well as the option for the additional ships.

The T-ATS contract is the first steel ship construction program awarded by the United States Navy to Austal USA and will be the first program to be delivered in the new steel shipbuilding facilities nearing completion at the shipyard in Mobile, Alabama.

Austal Limited Chief Executive Officer Paddy Gregg said the contract was an exciting milestone in the history of the company and a great demonstration of the company's new steel shipbuilding capabilities in the United States, following on from the successful addition of steel shipbuilding in Australia.

"This is great news for Austal USA as they enter a new era of steel shipbuilding in the United States, supporting the Navy's requirements for steel ships," Mr Gregg said.

The Navajo-class T-ATS has ocean-going tug, salvage, and rescue capabilities, with a multi-mission common hull platform, capable of towing heavy ships. These ships will be able to support USN fleet operations and a variety of missions, including oil spill response, humanitarian assistance, and wide area search and surveillance.

Austal USA will utilise its proven ship manufacturing processes and innovative methods that incorporate lean manufacturing principles, modular construction and moving assembly lines; using the company's new state-of-the-art enclosed steel production facility which is set to open in April 2022. Austal USA broke ground on its USD$100 million steel manufacturing facility in March 2020.

The T-ATS award is one of several steel shipbuilding programs Austal USA is pursuing as it diversifies its capabilities. The shipyard previously announced it had submitted a bid to build the United States Coast Guard's Offshore Patrol Cutter and continues to execute a Light Amphibious Warship (LAW) concept studies and preliminary design contract for the United States Navy and United States Marine Corps. Austal USA's new steel line and facility expansion also positions it well to be a follow-on Frigate yard for the United States Navy.

This ASX announcement has been approved and authorised for release by Patrick Gregg, Austal Limited's Chief Executive Officer.

The United States Navy's Towing, Salvage and Rescue Ship (T-ATS) to be constructed by Austal USA.

- ENDS -

Media Contact:

Cameron Morse, FTI Consulting
+61 433 886 871
cameron.morse@fticonsulting.com

Disclaimer

Austal Limited published this content on 05 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 October 2021 02:15:07 UTC.


ę Publicnow 2021
All news about AUSTAL LIMITED
11/23AUSTAL : Usa awarded us$72.5 million contract to maintain lcs deployed in western pacific,..
PU
11/11ASB 2021 AGM CEO Presentation
PU
11/10Austal USA expands waterfront ship repair capabilities in San Diego
PU
10/22AUSTAL : Delivers Guardian-Class Vessel to Australian Department of Defence
MT
10/22AUSTAL : Australia delivers 13th Guardian-class Patrol Boat
PU
10/06AUSTAL : USA Wins US Navy Contract for Two Towing, Salvage and Rescue Ships
MT
10/05AUSTAL : USA awarded US$144 million contract for multiple Towing, Salvage and Rescue (T-AT..
PU
10/05Austal Limited Announces Austal USA Awards USD 144 Million Contract for Multiple Towing..
CI
10/05AUSTAL : Philippine Unit Delivers Trimaran Ferry
MT
10/04AUSTAL : Philippines delivers 118 metre high-speed trimaran ferry to fred. olsen express
PU
More news
Financials
Sales 2022 1 483 M 1 058 M 1 058 M
Net income 2022 71,1 M 50,7 M 50,7 M
Net cash 2022 192 M 137 M 137 M
P/E ratio 2022 9,40x
Yield 2022 4,80%
Capitalization 663 M 472 M 473 M
EV / Sales 2022 0,32x
EV / Sales 2023 0,29x
Nbr of Employees 5 500
Free-Float 87,5%
Chart AUSTAL LIMITED
Duration : Period :
Austal Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends AUSTAL LIMITED
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 5
Last Close Price 1,84 AUD
Average target price 2,65 AUD
Spread / Average Target 44,4%
EPS Revisions
Managers and Directors
Patrick Gregg Chief Executive Officer, MD & Executive Director
Greg Jason Group Chief Financial Officer
John Rothwell Non-Executive Chairman
Ian McMillan Chief Operating Officer
Charles Roland Giles Everist Independent Non-Executive Director